Redemption Rights of Qualifying Parties. A. Commencing on the expiration of the Twelve-Month Period applicable to any Partnership Common Units, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein), by delivering a Notice of Redemption to the Managing General Partner, to require the Partnership to redeem all or a portion of such Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the Managing General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the Managing General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 15.1.G(4) of this Agreement. Any Redemption shall be exercised pursuant to a Notice of Redemption delivered to the Managing General Partner and the Special Limited Partner by the Qualifying Party when exercising the Redemption right (the “Tendering Party”). The Partnership’s obligation to effect a Redemption, however, shall not arise or be binding against the Partnership until the earlier of (i) the date the Special Limited Partner notifies the Tendering Party that the Special Limited Partner declines to acquire some or all of the Tendered Units under Section 15.1.B hereof following receipt of a Notice of Redemption and (ii) the Business Day following the Cut-Off Date. In the event of a Redemption, the Cash Amount shall be delivered as a certified or bank check payable to the Tendering Party or, in the Managing General Partner’s sole and absolute discretion, in immediately available funds, in each case, on or before the Specified Redemption Date.
B. Notwithstanding the provisions of Section 15.1.A hereof, on or before the close of business on the Cut-Off Date, the Special Limited Partner may, in its sole and absolute discretion, but subject to the Ownership Limit and the availability of authorized but unissued REIT Shares, elect to acquire some or all (such percentage being referred to as the “Applicable Percentage”) of the Tendered Units from the Tendering Party in exchange for REIT Shares. If the Special Limited Partner chooses to acquire some or all of the T...
Redemption Rights of Qualifying Parties. A. After the applicable Fourteen-Month Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem all or a portion of the Partnership Common Units held by such Tendering Party (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the General Partner’s sole and absolute discretion,
Redemption Rights of Qualifying Parties. 8.5.1 On the fifth anniversary of the issuance of the Class A Convertible Preferred Units (but not prior to nor following such date (provided that a Notice of Redemption may be delivered prior to such fifth anniversary)), subject to Section 11.6.3, a Qualifying Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem (a “Redemption”) all or a portion of the Class A Convertible Preferred Units held by such Qualifying Party (such Class A Convertible Preferred Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount payable on the Specified Redemption Date. For purposes of this Section 8.5.1, “Cash Amount” means an amount equal to the product of (x) the sum of (i) the Class A Convertible Preferred Unit Liquidation Preference Amount, plus (ii) all accumulated and all declared but unpaid distributions relating to a Class A Convertible Preferred Unit, multiplied by (y) the number of Tendered Units, payable, at the General Partner’s sole and exclusive option, in cash or pursuant to a promissory note maturing five (5) years from the date of issuance and having an interest rate at prevailing market terms (as determined in the sole discretion of the General Partner) and otherwise in a form acceptable to the General Partner.
Redemption Rights of Qualifying Parties. 8.5.1 On the fifth anniversary of the issuance of the Class A Convertible Preferred Units (but not prior to nor following such date (provided that a Notice of Redemption may be delivered prior to such fifth anniversary)), if a Qualified Public Offering has been consummated on or at any time prior to such fifth anniversary, subject to Section 11.6.3, a Qualifying Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem (a “Redemption”) all or a portion of the Class A Convertible Preferred Units held by such Qualifying Party (such Class A Convertible Preferred Units being hereafter referred to as “Tendered Units”) in exchange for any of the following, selected by the General Partner in its sole discretion, payable on the Specified Redemption Date: (A) the
Redemption Rights of Qualifying Parties. A. Subject to any applicable Restricted Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem all or a portion of the Common Units held by such Tendering Party (Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) in exchange (a “Redemption”) for the Cash Amount payable on or before the Specified Redemption Date. The Partnership may, in the General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Restricted Period (subject to the terms and conditions set forth herein); provided that the General Partner first receives a legal opinion to the same effect as the legal opinion described in Section 8.6.
Redemption Rights of Qualifying Parties. Section 8.7 Partnership Right to Call Limited Partner Interests Section 8.8 Special Provisions Applicable to Reorganization Common Units Section 8.9 Special Provisions Applicable to Paired Common Units
Redemption Rights of Qualifying Parties. A. At any time following the first anniversary of the Effective Date, a Qualifying Party, but no other Limited Partner or Assignee (the "Tendering Party"), shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem all or a portion of the Preferred Partnership Units held by such Tendering Party (such Preferred Partnership Units being hereafter called "Tendered Units") in exchange (a "Redemption") for the Cash Amount, which Cash Amount shall be due and payable on the Cut-Off Date, unless the General Partner makes an election pursuant to Section 8.6.
Redemption Rights of Qualifying Parties. 86 Section 15.2 Addresses and Notice 95 Section 15.3 Titles and Captions 96 Section 15.4 Further Action 96 Section 15.5 Binding Effect 96 Section 15.6 Waiver 96 Section 15.7 Counterparts 96 Section 15.8 Applicable Law; Consent to Jurisdiction; Jury Trial 96 Section 15.9 Entire Agreement 97 Section 15.10 Invalidity of Provisions 97 Section 15.11 Limitation to Preserve REIT Status 97 Section 15.12 No Partition 98 Section 15.13 No Third-Party Rights Created Hereby 99 Section 15.14 No Rights as Stockholders 99
Redemption Rights of Qualifying Parties. A. After the first Twelve-Month Period, a Qualifying Party, but no other Limited Partner or Assignee, shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem all or a portion of the Redeemable Units held by such Tendering Party (such Redeemable Units being hereafter "Tendered Units") in exchange (a "Redemption") for REIT shares issuable on, or the Cash Amount payable on, the Specified Redemption Date, as determined by the Partnership in its sole discretion. Any Redemption shall be exercised
Redemption Rights of Qualifying Parties. (A) After the applicable Twelve-Month Period, a Qualifying Party shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem all or a portion of the Partnership Common Units (Partnership Common Units that have in fact been tendered for redemption being hereafter referred to as “Tendered Units”) held by such Qualifying Party in exchange (a “Redemption”) for the Cash Amount payable on the Specified Redemption Date. The Partnership may, in the General Partner’s sole and absolute discretion, redeem Tendered Units at the request of the Holder thereof prior to the end of the applicable Twelve-Month Period (subject to the terms and conditions set forth herein) (a “Special Redemption”); provided, however, that the General Partner first receives a legal opinion of counsel, written representations or other evidence reasonably satisfactory to it that the proposed Special Redemption will not cause the Partnership or the General Partner to violate any Federal or state securities laws or regulations applicable to the Special Redemption, the issuance and sale of the Tendered Units to the Tendering Party or the issuance and sale of REIT Shares to the Tendering Party pursuant to Section 15.1.
